WPP Group made an announcement this morning to warn TNS shareholders that its £1.1 billion offer for the market research company is its final offer.
The deadline for shareholders to accept the offer ends at 3pm tomorrow – according to reports published last Friday, 43% have already accepted the deal.
TNS, which has consistently encouraged its shareholders to reject the offer, has made no comment in relation to WPP’s earlier statement.
WPP Group, led by Sir Martin Sorrell, has left its July offer unchanged despite TNS’ efforts to persuade Sorrell to increase his bid, in order to secure backing from the TNS board.
WPP’s offer currently values TNS at £1.14 billion or 259.2p per share, based on last night’s closing price for WPP’s shares of 456.5p.
TNS shares were trading at 246.8p this morning, up 0.7% since last night’s closing price, implying that a deal between the two companies is a possibility.
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